General Cannabis Corp (OTCMKTS:CANN) Is Never Out Of Focus

General Cannabis Corp (OTCMKTS:CANN) Is Never Out Of Focus

General Cannabis Corp (OTCMKTS:CANN) updated on the acquisition deal closure of GC Finance Arizona, LLC, which holds two key assets. The first asset is a 50% stake in DB Products Arizona, LLC and the second asset is a “Note” with DB Arizona that is estimated at $825,000 excluding accrued interest. The firm compensated $106,001 for this closed deal of GC Arizona.

The highlights

DB Arizona is the manufacturer and supplier of medical marijuana infused offerings in Arizona. A big part of these offerings so far have remained comprehensive medical cannabis products of Dixie Brands Inc. DB Arizona initiated manufacturing process in Q4 2016. In the first quarter of 2017, the gross sales came at almost $194,000. DB Arizona has notable surplus production capacity at its commercial kitchen and infused items manufacturing facility.

Michael Feinsod mentioned that they are delighted to report the acquisition deal of GC Finance. They expect to associating with their affiliates to introduce and produce the top quality infused items for the medicinal marijuana market in Arizona. The deal completion extends their public company platform and even spreads their revenue source, which eventually will create notable shareholder value.

A couple of months ago, General Cannabis updated market on its fiscal performance for the quarter completed March 31, 2017. The firm posted an increase of 4% in its revenue over the same period, a year ago. During Q1 2017, the Operations division of company, Next Big Crop, recorded revenue jump of 119% over Q1 2016.

However, the Security division recorded a 16% drop in quarterly revenue, because of a decrease in wholesale cannabis rates in Colorado. It was also impacted by the firm’s preference to associate just with well-capitalized consumers and not overreach credit to security consumers. As it is recognized, General Cannabis marks as the complete resource for the finest services open to the organized cannabis market.

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